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USDA Rural Housing Loans

Dan — Fri, 04 Nov 2011 19:53:39 +0000

Just heard that the USDA may be running low on funds for new loans unless Congress extends funds later this month. More on this as we get the new…

More Delays for VA Funding Fee Reduction?

Dan — Fri, 04 Nov 2011 19:52:16 +0000

Word is that Congress and the President will most likely delay the VA Funding Fee reductions again this month, only, this time they plan to delay them for 3 years. Should know what they are going to do by the middle to the end of November. More details then…

President Obama Delays VA Funding Fee Reduction

Dan — Thu, 06 Oct 2011 19:13:30 +0000

NEWS FLASH!!!

New legislation was been passed and signed by President Obama delaying the reduction in the VA Funding Fee which went into affect October 1st, 2011. The new date for the reduced fees to go into affect is November 18th, 2011.

Did you catch that the changes had already gone into affect. Here’s another fine mess our government has gotten us into. Another case of the cart before the horse. dah

USDA Loans – New Fees

Dan — Thu, 08 Sep 2011 16:37:45 +0000

The Good News
On October 1st, the upfront Guarantee Fee for USDA Rural Housing Purchase Loans will be reduced from 3.50% to 2.0% of the final loan amount. The upfront Guarantee Fee will remain 1.0% for all refinance loans.

The Not-So-Good News
On October 1st, a new annual fee will be required for all new USDA loans, both purchases and refinance loans. The annual fee will be 0.30%. This fee will be added to your monthly payment. It will be calculated based on the scheduled amortized unpaid principle balance rather than being calculated on the actual unpaid principle balance.

Savings for Veterans – Reduced VA Funding Fees

Dan — Thu, 08 Sep 2011 16:11:48 +0000

On August 3rd, the Restoring GI Bill Fairness Act of 2011 became law. This law reduces the VA Funding Fee for loans closed on or after October 1st.

The VA Funding Fees are significantly lower for all first time and subsequent use purchases, as well as, regular refinances. The fees for subsequent use purchases with less than 5% down are scheduled to be lowered again in 2012 & 2013.

Here is how the old fees and the new fees compare.

First Time Use (Active Duty – National Guard & Reserves add 0.25%)

No Down Payment: Reduced from 2.15% to 1.40%
5% Down or More: Reduced from 1.50% to 0.75%
10% Down or More: Reduced from 1.25% to 0.50%

Subsequent Use (Less than 5% Down – Active Duty/Guard/Reserves)

As of 10/1/11: Reduced from 3.30% to 2.80%
As of 10/1/12: Reduced from 2.80% to 2.15%
As of 10/1/13: Reduced from 2.15% to 1.25%

Note: With 5% down or more, the first time use rates apply

If you have a VA disability rating of 10% or more, you should be exempt from the VA funding fee.

Application Process Re-opened for Emergency Homeowners’ Loan Program

Dan — Tue, 30 Aug 2011 13:37:43 +0000

HUD has reopened the application intake for the Emergency Homeowners’ Loan Program (EHLP), a program that provides mortgage payment assistance to eligible homeowners experiencing a drop in income of at least 15 percent, directly resulting from involuntary unemployment or underemployment due to the economy and/or a medical condition. The mortgage assistance covers past-due mortgage payments, as well as a portion of the homeowner’s mortgage payment for up to 24 months (up to $50,000). The program is offered in 27 states and Puerto Rico. The deadline to apply is September 15, 2011. Since EHLP funds are provided to qualified homeowners on a first-come, first-served basis, it is critical that homeowners provide all required documents in a timely manner or risk losing the opportunity to apply for assistance under the program. For more information, please visit: http://findehlp.com/ or call the toll-free hotline at: 855- 346-3345.

Help with your Mortgage

Dan — Tue, 12 Jul 2011 17:01:07 +0000

The Emergency Homeowners’ Loan Program (EHLP):

EHLP is a new program from the U.S. Department of Housing and Urban Development that provides mortgage payment assistance to eligible homeowners experiencing a drop in income of at least 15 percent, directly resulting from involuntary unemployment or underemployment due to the economy and/or a medical condition. The mortgage assistance covers past-due mortgage payments, as well as a portion of the homeowner’s mortgage payment for up to 24 months (up to $50,000).

EHLP is offered in the following states: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. EHLP is also offered in Puerto Rico.

Program details and contact information for the ELHP agency in your area can be found here: http://www.nw.org/network/foreclosure/nfmcp/EHLPconsumers.asp A list of EHLP agencies can be found on that site. The deadline for homeowners to submit a Pre-Applicant Screening Worksheet is July 22, 2011.

Veteran Borrowers

Additional information for veteran borrowers in delinquency can be found in this .pdf quick reference sheet. http://www.texasonemtg.com/pdfforms/foreclosure_avoidance_fact_sheet-1.pdf

Dan — Sat, 28 May 2011 00:08:58 +0000

Memorial Day

is a federal holiday observed on the last Monday of May which is May 30th this year. Although the day was originally known as Decoration Day and honored soldiers who died in the Civil War, the day now honors all who died while in military service.

On Memorial Day the flag is raised briskly to the top of the staff and then solemnly lowered to the half-staff position, where it remains only until noon. It is then raised to full-staff for the remainder of the day.

The half-staff position remembers the more than one million men and women who gave their lives in service of their country. At noon their memory is raised by the living, who resolve not to let their sacrifice be in vain, but to rise up in their stead and continue the fight for liberty and justice for all.

Senate Passes Extension

Dan — Thu, 01 Jul 2010 18:46:00 +0000

Good News. The Senate voted unanimously to pass the Homebuyer Assistance and Improvement Act. The last minute vote on Wednesday afternoon extends the closing deadline until September 30th for people who have already qualified for the homebuyer tax credit. The original deadline was June 30th.

The National Association of Realtors has estimated that as many as 180,000 buyers who signed contracts by April 30th may have missed the June 30th closing deadline due to delayed closings.

The bill, already passed by the House on Tuesday, will now head to President Barack Obama, who is expected to sign it into law.

Good News…Bad News…

Dan — Wed, 30 Jun 2010 13:32:22 +0000

The GOOD news is -
Tuesday, June 29th, the House of Representatives voted 409 to 5 to delay the closing deadline to Sept. 30. This would give homebuyers three more months to close on their home purchase loans and secure up to an $8,000 federal income tax credit.

The BAD news is -
the Senate must still approve the bill and they better act fast – the deadline is currently Wednesday, June 30th. As it stands now, if you don’t close your loan by the end of today, you won’t get the tax credit.

This bill only changes the deadline for closing or finalizing your loan to qualify for the tax credit (your sales contract had to be signed by April 30th). It doesn’t help anyone currently shopping for a home or who signed a sales contract after April 30th.